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FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook

• EUR/NZD retraced towards 1.6900 on Monday   as investors were cautious on Russia-Ukraine tensions.

• EUR/NZD initially dipped but found buyers at 1.6900. A break and daily close above 1.6949 (23.6%fib), will accelerate further gains.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 66  bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6949 (23.6%fib), any close above will push the pair towards 1.6989 (Daily high).

• Strong support is seen at 1.6876 (38.2%fib) and break below could take the pair towards 1.6817 (50% fib).

Recommendation: Good to buy around 1.6870, with stop loss of 1.6800 and target price of 1.6960
 

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